Rudra Investment: Stocks Fall In Sensex, But Rupee Strengthen

Rudra Investment Market Expert Said The Sensex of the Bombay Stock Exchange fell 354 points on Wednesday after the sudden fall in the shares of HDFC and HDFC Bank. The 30-share Sensex of the Bombay Stock Exchange fell by 353.87 points or 0.91 percent to 38,585.35. On the National Stock Exchange, Nifty also lost 87.65 points or 0.75 percent to 11,584.30. HDFC Bank lost 2.07% and HDFC 1.96%. Nearly half of the losses in the Sensex's 354 points due to the decline in both the companies of the HDFC Group.

India's economic growth rate is expected to be 7.3 percent in 2019

Among other Sensex companies, shares of Bharti Airtel, Asian Paints, TCS, HCL Tech, Tata Steel, SBI, IndusInd Bank and Hero MotoCorp dropped to 3.28 percent. On the other hand, shares of Tata Motors, Hindustan Unilever, Kotak Bank, Coal India, Sun Pharma, Mahindra and Mahindra, Bajaj Auto and ONGC gained up to 4.68 percent. Traders said that the International Monetary Fund (IMF) has reduced the global growth rate for the year 2019 to 3.3 percent, which has affected market sentiment. IMF has estimated India's economic growth rate in 2019 and 7.5 percent next year.

Rupee rises 21 paise against dollar

Meanwhile, according to the temporary data of the stock exchanges, foreign institutional investors bought shares worth Rs 1,212.35 crore on Tuesday. Domestic institutional investors sold shares of Rs 688.65 crore. The rupee strengthened by 21 paise to the dollar, the rupee on Wednesday rose by 21 paise to 69.09 rupees against the dollar in early trade due to weakness in the US currency overseas. Currency traders said the rupee was supported by the sale of American currency on behalf of exporters.

The expertise of Rudra Investment Expert says that Apart from this, the positive impact of the Indian economy on the International Monetary Fund also strengthened the rupee. On Tuesday, the rupee strengthened by 37 paise to close at Rs 69.30 per dollar. According to the initial data available with the stock market, foreign investors (FIIs) bought a net Rs 1,212.35 crore on Tuesday in the capital market.